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COM DEV International… Financially Speaking…


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[SatNews] The first quarter financial results for the three month period ended January 31, 2011 are in.

All amounts are stated in Canadian dollars unless otherwise noted. First quarter stats include…
  • Revenue was $48.7 million, a 14% decrease from revenue of $56.7 million in the first quarter of fiscal 2010
  • Gross margin in the core space equipment business was 21%, compared to 24% in Q1 2010
  • Net income attributable to shareholders was $1.3 million, or $0.02 per share, compared to $2.2 million or $0.03 per share in the first quarter of the previous year
  • New orders won in the first quarter totaled $59 million, compared to $51 million a year earlier and $80 million in the fourth quarter of fiscal 2010
  • Backlog at January 31, 2011 was $157 million, plus an additional $23 million in follow-on orders expected from Authorities to Proceed (ATPs) already awarded
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“We continue to demonstrate solid performance in our commercial segment, effective control of operating expenses, and strong order activity,” said Michael Pley, CEO of COM DEV. “While we saw a further cost increase on a small number of troublesome programs, which affected revenue, the gross margin achieved in the core space equipment business reached 21% in the first quarter. But we have now completed two of these five programs, and we have been replenishing our backlog with new contracts that offer a more favourable margin profile. The robust orders we have booked in the past two quarters are typically a good leading indicator for us, and we should see the positive effects on our revenue beginning next quarter.” To read the entire financial report, download the information here.